the camera will distance hug a hoody image on law and order tomorrow and promise to seek retribution against law breakers he mentioned nothing about the pinstripe wearing a hoodie right he said that red retribution is not a dirty word says david cameron referring to those who he sees in society as being lawbreakers and yobs and yet the city of london who sponsors david cameron is rife with yobs he is in fact king of the obs david cameron he should be aware he's king of the chads and king of the ups he should be wearing one of those burberry caps backwards and walk around number ten downing street of cordingley because he's a gangster bangsar supporter he says retribution is not a dirty word but he's lying there because he is the one that tells us it's time to stop bashing banks toure's yeah well i think it's time to dig in and bass some

banks are in a way where you choke off from the source the evil elements that are corrupting society you say there's at the head of the river of corruption is before the four horses of the paper apocalypse barclays h.s.b.c. lloyds and royal bank of scotland those are the four horsemen of the paper apocalypse david cameron they're coming to town and you're there in your shabby burberry outfit by the wayside by the roadside going you know i'm david cameron only you know what you need to get serious my man bro if you understand that you know just forget about the plugs worry about the frickin hole of cos coming down the pike from the baxters. well once they're in opposition then i'm sure you'll see some concern from the likes of david cameron about the banks for yobs but right now in opposition is labor ed miliband to demand a x.

faster on mis sold swaps ed miliband is going to ask the financial services authority otherwise known as the financial conduct authority why more is not being done to help the victims of swaps didn't mention about the fact that we should seek retribution against the banks stores who miss all the swaps it is to go deeper further harder ed miliband to give up his missed selling namby pamby stuff you need to identify that this is a fraudulent cells conducted by financial terrorists and act accordingly. well here's what the government is concerned about remember now at the top of the show we said david cameron says we need to seek retribution against hoodies so here according to this article in the telegraph is what the government is concerned about f.s.a. recently up its estimate of the number of interest rate swaps sold to small businesses from twenty eight thousand to more than forty thousand and one senior

cabinet minister is understood to have told colleagues he is concerned the scandal has the capacity to be extremely damaging to u.k. banks look when the folks go into the local stores and they sort of blaze and they steal everything and they loot it's clear that you need to cut the looting off the head of it the gangs and stop that from happening to say that oh the looting that's been perpetrated by credit default swaps is up by billions of pounds and we're suddenly thinking well maybe we need to get more serious about the criminal activity going on in the neighborhood that is britain you know it's a little bit too late too little too late oh well you know you're getting. you're getting. to know cameron talks about aspiration nation meanwhile the baxters are creating a should nation choking the nation off from any economic growth any possibility of

economic growth but again here are victims across the u.k. so a medium sized enterprises have been defrauded and bankrupted their savings depleted because of these missile swaps but according to two sources the government has become increasingly worried that the cost of compensating swap victims could be worth the more than ten billion pounds paid out to victims of payment protection insurance misselling now two things first of all the reason why these victims of this insurance product remember it's not just interest rate swaps it was sold to them as an insurance product that this was just a typical insurance policy like flood insurance you buy insurance on the interest rates the same banks involved in this misselling were also involved in rigging libel rates down so forcing all these small and medium sized enterprises across the u.k. to pay them more as a result of all the interest rate swaps sold to them so it's like here you have

let's say the jimmy savile's a pedophile so the government knowing through back channels in the b.b.c. that jimmy savile is a pedophile they give him the keys to a children's hospital. now look at the financial terrorist market here you have libel rating being manipulating interest rates down so that credit default swaps all to small medium enterprises are forced to cough up. the extortion penalties put them out of business there's no difference between a jimmy savile pedophile and let's say mark wakely over there at the regulator that he's in charge of f.s.a. soon to be the conduct authority they're both in the same racket of abusing institutionalized institutional a level of b.s. of the system they should both be met with the same consequences savile's gone but these other regulators are still alive and breathing let's go get em. no the reason why the government is now currently so concerned is that there is a lawsuit making its way through the courts and that's the guardian care homes and

they were defrauded of twelve million pounds they say by barclays regarding these interest rate swaps so according to the article the lawsuit is seen as a test case for the way the courts will treat the issue and the fear is that if the company wins it could open the floodgates to tens of billions of pounds of claims that would have the potential to cripple one or more of britain's high street banks again they're not concerned with the fact that all these small and medium sized enterprises have been crippled by these fraudulent products and we're most people do work for small and medium sized enterprises those are the places that you're likely to find a job not at a high street bank and they're worried about that right of attila georgia book desperation nation may well i was born pursues the asian nation and in basically jimmy savile there's a lot today they'd be all over by lloyds banking system just so part of the fault. you know hospitals and children's orphanages so not only what he committed gross acts of pedophilia but it could bankrupt them simultaneously to two for. the name

and speak see them in the cities where the tories when i first lived there in ninety four ninety five there were a lot of autoerotic asphyxiation sort of scandals with the tory party. because it's my baby right up the stuffed in their goal of. them so for the auto erotic leo rouse himself that's what the tory create is all about auto erotic suicide that's what they're known for so we're going to go a bit back in history to june of two thousand and twelve just a few months ago to look at this this scope of this scandal this mis selling scandal we were betrayed by our trusted adviser twenty eight thousand small firms fell victim to another cynical bank fiddle now even here the daily mail they're trying to be like hard on the banks but they call it a fiddle if. these were some who do use who had like you said you know burned down a local shop and these are local shops by the way that were bankrupted by these interest rate swaps yeah that's right phil doesn't even come close to describing

the extent of the crime now you keep referring to the analogy of the terrorism that we perpetrated around the world by so-called zealots and extremists i think today in britain given the current scandal you have the word would be misappropriated the use to describe again sir jimmy savile he wasn't just filling a few boys on the side was it he was engaged in its official lies wholesale rape across the nation hundreds and hundreds of victims so to h.s.b.c. barclays lloyds banking royal bank of scotland who are most of them are owned by the people themselves the people are financing their own self. god this is the lowest. so back to this article in the daily mail since two thousand and one the banks have ruthlessly missed sold complex loan deals to entrepreneurs who did not understand what they were doing that was according to the financial services

authority the four banks they named barclays lloyds h.s.b.c. r.b.s. now they go on to say many small businesses who wanted to take out a loan were told they could only get one if they also took out an interest rate agreement right so those four banks they go to the small to medium enterprises they get them to buy into a structured credit product a credit default swap the risk the big risk is of interest rates go down adventurous rates go down then they have a discourse billions and in many cases go bankrupt simultaneously bank of england mervyn king engages in quantitative easing whose sole purpose is to manipulate interest rates down zero who has mervyn king work for those four horsemen of the banking apocalypse is a conspiracy right it's a conspiracy this was somebody people are saying and yet what's cameron saying oh retribution for the hoodie that stole a pound worth a look is

a down there the corner back of store nice going for. smarmy nut job. well you mention the stealing the luke is a now back to the story it's time to mug a hoody cameron is introducing fines for prison bosses who fail to stop criminals re offending after release and a new paid by results system so let's put that into context of the financial services authority previously film now financial conduct authority that just changes its name any time it gets found out and complicity in fraud so the quote reads it marks another black day for the banking industry particularly barclays over the past eighteen months barclays has been exposed for ripping off the elderly avoiding fire. a hundred million pounds in tax mis selling payment protection insurance to the tune of one point five billion pounds manipulating crucial interest rates and now misselling loans to small firms so where are the fines for

the people who allow barclays to do all of this stuff we just that's just a list within eighteen months max yeah well according to cameron he's going to pay out a bonus or a bounty to people who stop or turn in or help to rejuvenate the mind of the criminal therefore some sparklies as you just pointed out is committing massive fraud on a massive scale recidivist nature of repeat criminality the anyone who hopes to remove barclays from the equation will get from david cameron a check for how many ten billion pounds of that is i mean as i say stuff that would help the economy well just make a check out to max kaiser for ten billion pounds dave give me my money in the morning stacey heard thanks so much for being on the report thank you my state bar coming in the second to.

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free media. tom. welcome back to the kaiser report your time now to turn to. servant of member of parliament and co-author of burt county shame cause i welcome the kaiser report card very good to see all right. david cameron says it's time retribution against re-offending criminals does not apply to the banks down the city as well just i think in that particular instance it probably just refers to hoodies but you're right i mean i think there's a feeling that. activities in the city of. america where the. been some high profile trials i think in britain we haven't really gone off to if you want the people who may or may not have committed crimes this seems

to be a remarkable disconnect between the words of the prime minister and the reality on the ground eventually gave a speech at the conservative conference in birmingham anything about aspiration nation and he's people should play by the rules and he wants people to enjoy all of the benefits of privilege but each doesn't mention anything against you know barclays for example they keep going to court over and over and over again in crime after crime after crime but what i'm not sure about the issue with your particular issue with buckley's the rules the misdeeds if you like the relevant people if they've left without so that's an issue for the just no no they don't need to do it for crimes that they've committed there's only ambiguity their criminal behavior may well be it could be criminal they could have done terrible things but that's what we have a division of powers you do in america and this is an issue for the courts the prime minister should not be making a speech or a party conference about barclays that's not what the party conference is for but the economy is contingent tiredly on the city of london they contribute ten percent

of g.d.p. but if you look at how that filters through the economy a large it's a much bigger footprint in the economy they are that it's not an aspiration nation it's an asian nation because this city of london is choking your realm and they're choking this small bit it's not just about the city it's about it's about banks throughout the country with very poor bahman sheets. where in a balance sheet recession you have a balance each and you suffer the consequences in a capital society wise go to the state get bailed out the state policy will the issue continue to perpetuate these fraudulent the issue is that you've got somebody deposits the people who couldn't get the moved out of the wall and that's why we've insured deposits and we're trying to solve what we're up to fifty thousand pounds the government will underwrite the polls that's when we come up with the issue with the bang. as we will very few number of banks we will food banks essentially and with a concentration of banking on the only go police structure we couldn't let the just

go to war and clearly i think your point about the asphyxiation economy is a well made one because the just isn't enough the new engines of growth in this economy and we need to start creating them so the issue of ring fencing which is the response now to these banks that are using deposits to speculate with they when they make bad bets they go to the government for balance so they say you know what we need to go back to let's say it was the old last eagle america oppression now there's some idea to separate the deposits from the rest to you know their response here is a kind of a ring fencing but not a direct separation of the two paul volcker former chairman of federal reserve america was here in london last week and said that the current system as iterated would be insufficient and lead to creep getting back exactly to where we were with loopholes being exploited what about is that so hard you've got to you've got to give the proposal some sort of challenge some you come. and say that the thing hasn't worked with the body as an exam we have to mean want to keep making the same

mistake over and over again that's the definition of insanity right that's true if you're right if you have letting banks run with the ball without any constraints and they themselves are their own lobbyist but there are a lot of things happening with about to go ball three which is saying that they should be putting more capital against their loans which is restrictive i mean that's something that is going to be restricting their activity if you have to put up with a leader to get one capital against only obama so to say that we don't do anything we're lying that so because he may cope with them to continue i think is wrong what about the charge that in the race for the laxity the lympics of fraud london is the clear gold winner because you've got aging bernie made up m.f. global the london there were. some of the london. that's come to london they were based in america and they do all. the fraud in london they america outsources its a banking fraud to the city of london well i don't mean did you get the memo on that cause i'm not going there there was a comment look there is there are no circulated it is just that this we understand

this look the there was clearly a tension between two things one you want the regulations so that people can go about their business and the second you want controls and undoubtedly in the last period we probably went too far down the other way but to suggest that we're going to sort of put in capital controls and we're going to start over a good way to london that would be death to london the city of london is the most successful economic phenomenon in this country let and to regulate it to tax it to try and kill it would be madness for any government but you know understand that is germany and they're saying you know what maybe frankfurt could be a big financial center in europe and they playing david cameron for chump by basically getting him to make the untenable position of we need we want to defend the city of london and we're going to pull out of these evil reform package is and to me like saying defend the city not in your defending gangster movie in the running for i think i think i think we can we can exaggerate what happened to the city of london has been the center of the british economy for hundreds of years and

it's always been a big. asset to the british economy people have been saying that frankfurt will dominate for the last twenty years i'm old enough to remember when the euro when we didn't join the euro one of the only ones for britain joining the euro was that the other if we didn't join the euro frankfurt is going to take over that didn't happen the city was very successful now i'm not saying that everything in the city worked but and i'm not saying that it was it was the best possible outcome for us but we can't kill the golden goose is no point trying to slip the golden goose is through it's going to go you know you've got to you go to preserve it so that it can lead golden eggs this reminds me of the woody allen jet because a doctor says doctor my brother thinks he's a chicken and a doctor says take these pills little carom the guy says no no you don't understand we need we need the eggs we do. you need the eggs a fraud that brought a little. food up. to denounce the whole yet there were food and things that were buying things that happened but to say that the whole thing was wrong was fools that it was a good it's not wrong because no matter what is in it don't quote you making it

sound like don't call it what is on the industry sit on interest rates and money what is the biggest determinant of interest rate live or yellow didn't answer back . is implicated in libel or the bank of england going to institutionalize fraud within the regulators surely and. let me say that it's not a big deal to talk about this in the real world the govern the bank of england about one hundred years has always had some interest but pun intended in the interest rates i mean if you if you understand the history if you look at how the bank operated the bank used to go around the banks and so where do you see the interest rate in the in the moment of the police say i'm not condoning what they said but i am suggesting that if you look at it historically if this sort of behavior has has happened before now we need to clean it up but to try and just pretend the whole thing is bankrupt and we need to close the whole thing down and just sort of sell it all off as understood to the church is going to be a small civil five biggest lap and i agree i agree i think we're talking about i think i think we could tighten that up i think we could in terms of the the

sentences and the traditional routes that should be much more stringent you say this is for hundreds of years one hundred years ago this time was available behavior would be sent to the tower of london i mean the insider trading ok insider trading was rife in the city that some people made money now we put introduce rules to criminalize that and we've tightened that up so we can actually as legislators as politicians as judicial people we can actually introduce rules to tie did up but to say that the whole thing is corrupt and bankrupt and should be shut down i think isn't very helpful we're saying that that elements that are exhibiting recidivist tendencies to commit crime over and over again their career criminals it doesn't jive with the prime minister's attack on let me one of the biggest engines for job creation is small medium size and apparently you. and yet and yet fraudulently sold interest rate swaps products have caused many of these as a means to go bankrupt in the u.k. you know ok so to getting back to appoint

a moment ago in terms of the bank of england has always been interest in interest rates and also had a hand in interest rates here you have the city of london selling s. i mean small and medium enterprises products part of the falls well products to hedge against interest rates going down through simultaneously you've got the bank of england engaging quantitative easing which is pretty much does what putting the interest rate keeps the interest rates down really creates money that you're seeing from fraud that is not a racket that we see the issue with interest rates is that the biggest from my point is a politician the biggest exposure to interest rate movements of people's houses bridges and so the interest rate environment on the whole became my constituents is a much better environment to be in to deliver energy because if they're not going to work at all i mean a medal but it's a bankrupt because the bank of england colluded with the city of london it just flowed let's let's let's let's put it the other way that suggests the interest rate the bank rate doubled was two percent now that would be cool. to people to my

constituents the people who are paying floating rate mortgages on their houses that is the case today where interest rates are very low let me explain something to my capitalism. you can't have capitalism without capital can't have capital without a savings agree you can't have savings unless you offer people an interest rate to attract their savings it through the bank of being raised to two percent interest rates today it would be the best possible thing for this economy yes the housing market would suffer yesterday be a short term collapse let's say almost in the system but then you'd be building on sure footing on the start of it it was obviously going to carry one of quantitative easing you know i'm not a fan of giving you this back when you get a notice i have a motive but of course the let's get this right i'm going to fly out of course to these and i've actually written stuff saying city i am about you written an article saying this quote of easing is and that's. going to work but i'm just i'm just i understand that the low interest rate environment is very important for people and they know they don't come from a c.c. that's a problem the majority of people in this country are in debt they go up they go

household debt and when you're not sort of position a low interest rate is but you know what the debt is coming through things like top up fees for education when really it's coming through the house of that we have the biggest housing bubble in history you know over twenty years people have maxed out on boring to buy houses yeah a lot of those houses probably don't have the same value but the debt still lingers and then you have they got debt they've got what is called floating interest that is you know it's not fixed we went into a system in this country where people bought houses on floating rate notes if you like. so that the interest rate varies as to what the bank rate is then you stand a deal to double that's being made here because sure the interest rates of the home you're trying to manage to keep the constituents happy meanwhile for energy prices that are slaughter killing any incremental gains from interest rates bart officially being suppressed sure you say about two hundred bucks on your mortgage you can pay three hundred dollars on food or energy that you lose one hundred bucks

but that's why g.d.p. is stagnant. because you know it's to go nowhere you're on here and you're in the water and you're paddling in you're going nowhere i think the inflation point would have been made more strongly last year when we had higher inflation and inflation rates in britain anyway have come down in the last year so i don't think that you in terms of the cost of living i don't think your case is a strong as it was would have been a year ago but i get the general point look we're in a difficult situation there's no doubt about that i think people are exposed to too much debt and as i say i wish that more people you know had savings but you know it's a political numbers game the vast majority of people in britain. was ok first of all thanks for coming on the show realise you know maybe the friendliest environment is. it was a court thing thanks for being on the cause record very much all right that's going to do it for this edition of the kaiser report me max kaiser and stacy herbert i want to thank my guests was

a car tag seventy now please do so at kaiser report at r t t v dot are you and so likes i'm back either saying bio. over a decade north of almost terrorist attack. ex hostages blunders into their lives after the tragedy. still gives try to cross over the past. because their future. be written.

more news today violence is once again flared up. these are the images for world has been seen from the streets of canada. china corporations to rule the day. if.

it's. sick.